news Famed investor Michael Novogratz says bitcoin will soon break the $10,000 threshold as US turmoil spreads

[kyoukage01 3181]

Bitcoin prices have been knocking on the doors of $10,000 resistance for quite a few days now; and a well-known crypto investor is announcing to his followers (and to a lesser extent, the general public) to "get on the train", that is, probably, to invest in BTC, taking advantage of recent events in the US.

 

https://markets.businessinsider.com/currencies/news/bitcoin-price-novogratz-forecast-says-break-level-us-turmoil-spreads-2020-6-1029273129

Spoiler

'Get on the train': Famed investor Michael Novogratz says bitcoin will soon break the $10,000 threshold as US turmoil spreads (BTCUSD)

 

Matthew Fox

Jun. 2, 2020, 10:21 AM

 

Longtime bitcoin bull Michael Novogratz of Galaxy Digital tweeted on Monday that bitcoin will soon take out the $10,000 resistance level and traders should get on board.

"$BTC is coiling. It will take out 10k soon. All the tragic turmoil in the USA adds to the narrative. Budgets are going one way and it's the opposite of balanced. When 10k goes it will move fast. Get on the train," Novogratz tweeted.

 

A few hours after the tweet, bitcoin did in fact break above $10,000.

 

In technical analysis, a coil is also known as a symmetrical triangle charting pattern. The pattern tends to be a continuation pattern of a former trend and occurs when a security makes a series of lower highs and higher lows.

 

Ten thousand has been an important resistance level for bitcoin, and a sustained breakout above that level would generate price targets with as much as 40% upside.

 

Novogratz said he thinks that turmoil spreading throughout the US only adds to the bitcoin narrative, with budget deficits likely to increase as municipalities grapple with depressed business due to the coronavirus pandemic as well as a surge in looting and rioting due to the George Floyd protests.

 

Novogratz isn't the only institutional investor who is bullish on bitcoin.

 

In May, hedge fund manager Paul Tudor Jones revealed in a client letter that his fund was long bitcoin in an effort to hedge against potential inflation.

Meanwhile, billionaire investor Chamath Palihapitiya said he was long bitcoin as a hedge against potential deflation.

 

While there are differing reasons for bitcoin bulls' investment rationale, they all tend to agree on one thing: Bitcoin is a decentralized security that has limited supply and can serve as a hedge against central banks' unlimited money printing policies.

 

A bearish view on bitcoin was recently published by Goldman Sachs, which detailed five reasons why investors should avoid the digital cryptocurrency.

Bitcoin surged 8% to $10,210 on Monday night. Year-to-date, bitcoin is up 40%.

 

As to the motive for raising this tweet, he must have been getting impatient with the resistance, and is mobilizing his followers to somehow make BTC go moon as soon as possible.

 

Bitcoin did broke through the $10,000 mark, but then receded again to $9,484.91 as of this writing.

 

[Whited35 15285]

As a long term investor, I have been waiting for Bitcoin price to be skyrocketed. This recent price raise of Bitcoin has been given me inner strength and hopes after this 3rd halving event. I hope it will be directing towards $15000 mark very soon. Currently, it is looking like to be stable around $10000

[BTC Future 3946]

Hedge against both inflation and deflation. The billionairs are as confused and clueless in economics as the twitter accounts that make one false statement after another. (i.e. @macrobtc). I have seen people claiming that it was a hedge against the US-Iran tension, against the US-China trade war and many more stupid comments that they think they make a point. As the "Bitcoin fixes this" quote that they somehow spam on every irrelevant post. There is nothing wrong thinking big, just if someone dropped out of college and didn't finish his education that's what you get. What is the academic background of Chamath Palihapitiya? Software developer. Yet because of his success he thinks that he can have opinion on macro economics. Whatever I guess I can have an opinion on programming then and say that I don't like Python but prefer Java, although I don't know how to code.

Edited June 3, 2020 by BTC Future

[Brushless4500KV 4214]

This news was posted 5 hours ago in this topic. This is pointless because bitcoin has already broken $10K resistance level yesterday and now it returned to $9K range again. This sudden jump happened quite fast and bitcoin remained high for about 16 hours which is visible on the following chart. I don't think such a fast and temporary movement has anything to do with US turmoils. It can be the effect of a manipulation by whales or just an ordinary sentiment of the market.

[rekter 8129]

I wonder if that tweet really was the catalyst for the rise. People tend to listen to some key figures, and with enough followers on that field it affects the price. I actually stumbled on in a perfect (and funny) example on this just while ago https://twitter.com/stoolpresidente/status/1267549580654190593

Edited June 3, 2020 by rekter

[kyoukage01 3181]

@BTC Future If an opinion was given by somebody like us here, it would probably amount to nothing to the masses even if we happen to be experts at it; but in the case of influential people with lots of followers, if he/she gives an opinion outside of his expertise, some of his/her followers might take it at face value and even blindly uphold it. That's the power of influential people for you 😞 .

 

@Brushless4500KV This topic is less on the prices of Bitcoin these past few days and more on the opinion of a certain person about said price trend. And if you read the article, (according to the article) he actually based his assumption on something called 'coil'

Quote

In technical analysis, a coil is also known as a symmetrical triangle charting pattern. The pattern tends to be a continuation pattern of a former trend and occurs when a security makes a series of lower highs and higher lows.

and the U.S. turmoil only "adds to the narrative" as he said.

 

@rekter If there is an overwhelming number of 'sheep' who heeded his call at Twitter, then it might. BTW, I checked your link, and got a few laughs out of it too LOL.

 

Edited June 4, 2020 by kyoukage01

[George10 9932]

That will be great if bitcoin price will break and stays above 10k again but this time I hope it will not crush after reaching that level and this is also the best time to buy some before it breaks.

[Iriswolfgang 200]

23 hours ago, Whited35 said:

As a long term investor, I have been waiting for Bitcoin price to be skyrocketed. This recent price raise of Bitcoin has been given me inner strength and hopes after this 3rd halving event. I hope it will be directing towards $15000 mark very soon. Currently, it is looking like to be stable around $10000

yes you are right and you have an advantage with long term investing into Bitcoin and I hope that people will earn more in cryptocurrencies and I hope that the price will rise for more and I hope that they can earn money with that rising of price

[rekter 8129]

8 hours ago, kyoukage01 said:

 

@rekter If there is an overwhelming number of 'sheep' who heeded his call at Twitter, then it might. 

There are already such accounts in twitter. Either they are TA gods or just enough people follow them. For example https://twitter.com/AngeloBTC has either caused btc pumps in the past or he has been lucky with his TA. There are many og whales who follow and respect him.

[magd 5231]

The price of bitcoin was supposed to reach more than $ 10,000 after half, and this did not happen, and we know that cryptocurrencies have no relationship with a specific country or central banks, and that the turmoil of the United States will lead to raising the price of the dollar and not lowering it, which means that bitcoin will remain unchanged and the analyzes of this investor unrealistic

[koussai999 1986]

As I always say, investing in bitcoin is always profitable at all times, in case you are the type that you want to invest for long periods, and everyone should keep pace with development and invest in bitcoin.

[ETheHedgehog 3104]

5 hours ago, magd said:

The price of bitcoin was supposed to reach more than $ 10,000 after half, and this did not happen, and we know that cryptocurrencies have no relationship with a specific country or central banks, and that the turmoil of the United States will lead to raising the price of the dollar and not lowering it, which means that bitcoin will remain unchanged and the analyzes of this investor unrealistic

you don't understand how the halving increases the price, yes it's supposed to reach more than $10000 after the halving, but no, it won't reach it in the same week or even month, it will gradually increase in prices over the next year or 18 months at first it will be slow then start increasing exponentially

[kyoukage01 3181]

15 hours ago, rekter said:

There are already such accounts in twitter. Either they are TA gods or just enough people follow them. For example https://twitter.com/AngeloBTC has either caused btc pumps in the past or he has been lucky with his TA. There are many og whales who follow and respect him.

Makes me wonder sometime if whether or not their 'sheep' actually think things through before following them. Yes, the points given by them might be sensible enough, but still...

 

If they do are able to influence the market to a certain extent, then it all boils down to whether the rest of us will ride on the coattails or not. It can still be taken as an opportunity to gain profits from it for traders.

 

I'll go check out the link sometime later, BTW.

 

15 hours ago, Albey mathews said:

Bitcoin broke the 10000$ resistance but it crashed soon after. I don't think bitcoin will again break that resistance. But we can wait see what happens.

If we were to follow the trend in Bitcoin's price increase after every halving these past years of its existence, then it can be certain that BTC will definitely break through the resistance, just not right now but maybe for a few weeks/months more. The following quote shares a similar sentiment:

9 hours ago, ETheHedgehog said:

you don't understand how the halving increases the price, yes it's supposed to reach more than $10000 after the halving, but no, it won't reach it in the same week or even month, it will gradually increase in prices over the next year or 18 months at first it will be slow then start increasing exponentially

 

Edited June 5, 2020 by kyoukage01

[jamesvince 2389]

Hmm I witnessed with my own eyes that bitcoin five times break then 10000$ level it's price takes stay on above 10k only maximum few hours one day after that huge one hours red candle and market goes down to 9500$ to 9230$ or 8850$ from last week of April 2020. So what next happen we need some wait. 

[Omar Ommeish 4872]

Yes, this is expected and many analysts believe this, but perhaps it will not happen quickly, and I think this rise will be at the end of 2020.

[Honny143 13612]

So many crypto analysis and expert already predict bitcoin reach 10k dollars, and now Michael Novogratz also predict but in this month bitcoin hit 10000$ dollars mark, but unfortunately its not continue pump up and in few hours market collapse and bitcoin prices down for 9500$ dollars, but once again reach 10k dollars and the resistance level then we definitely see one high time prices.

[Jessica Karren 1242]

So his prediction become true. I hope the Bitcoin again cross this $10k resistance level very soon and then it will only pumps. Many other experts are also predicted Bitcoin big bull run.

[Brand1 1336]

I agree with this person, because the high price of bitcoin currency and reaching $ 10,000 has brought a lot of profits to a large number of investors and traders, and everyone expects that the price will rise and will reach $ 15,000 or more at the end of the year, so we have to wait patiently.

[Crypto123 0]

I guess he's not the only one who wants Bitcoin to break the 10,000$ barrier and go to the moon !! We all hope so and I think Bitcoin will do it soon despite it fell back under a little 10,000$ but it still ranges in this place and I think the jump will be close.

[Zezo 306]

We hope for it but it is at strong resistance for days and it should be broken with high liquidity until it stabilizes above 10,000

[Zaino34 0]

It is possible that the price of bitcoin exceeds $ 10,000 in the coming days because its price has increased significantly after the virus crisis period from $ 4000 to the current price and I think this is a good indication that the price will continue to rise until the end of this year

[Nab 263]

we can say that if it is good time to invest in bitcoin although the resistance towards 10k takes several days at any time there can be a bullish movement and exceed 10k,if we invest today we can get good profits later.

[gourav789 2834]

I also followed Micheal novogratz from longtime , at this time Bitcoin tradable on $9835 in binance n I think there is really highly chance that Bitcoin touch again $10K again within one or three day's .

[Yomose 3704]

I can not just believe in anyone about what the price of bitcoin will be, in less than a month, bitcoin has gone over $10000 but could not increase further than to drop to less than $10000. So, this makes it not even certain that it will cross above $10000. 

[Moaz 7239]

I agree with what the famous investor mentioned Michael Novogratz, and I think that the price of bitcoin will break the $ 10,000 barrier soon, and the price of bitcoin will continue to rise during the coming months and we may reach the end of the year 2020 to $ 15,000